House prices rise 'but recession not over'
House prices are on the increase again but it will be a long time before the recession stops affecting the property market, one sector commentator has claimed.
Recent figures from the Land Registry revealed that the average house price in England and Wales increased 0.6 per cent in October to £159,546.
Meanwhile, the average property price in London increased by 1.4 per cent in October and now stands at £317,601.
Such news may convince consumers that flats to rent in Shoreditch or elsewhere in the capital are more affordable than property for sale in the same area.
Commenting on the news, David Amstell, founder of Briffy.com, said: "I think we are going to stay in the recession that we are in; I don't see us coming out of it, not for a long time. We are still seeing redundancies and we are still seeing companies going out of business."
He added that while prices have risen, fewer house sales are now taking place.
Written by Andy Britten
Published 30th November, 2009
© 2009 Estates IT Limited
London Rental Property News By London Borough / Category
Latest London Property News Headlines
St John's Wood brings the village atmosphere to the capital
St John’s Wood is a great location for people looking to capitalise on all the benefits of London living without being caught up in all the hustle and bustle.
Read Article ... Published on 26th May, 2015
Yeading: Enjoy peaceful city living in an up-and-coming area
Yeading is a laid-back and peaceful residential area situated north-east of Hayes and is one of the most up-and-coming areas of the capital.
Read Article ... Published on 26th May, 2015
Hanwell: A green, peaceful environment for Londoners
Hanwell is a small town located in the Borough of Ealing and is in between Ealing and Southall, providing excellent transport links to the rest of the capital.
Read Article ... Published on 26th May, 2015
Mitcham Carnival announced for June
Mitcham Carnival has been announced for Saturday June 13th at Three Kings Piece.
Read Article ... Published on 22nd May, 2015
Hammersmith and Fulham Council start Park consultation
Hammersmith and Fulham Council have launched a new consultation on Hammersmith Park, inviting local residents to have their say on the area and how it can be improved.
Read Article ... Published on 22nd May, 2015
New conservation areas planned around Waltham Forest
Waltham Forest has announced plans for two new conservation areas near Lloyd Park and Bakers Arms town centre.
Read Article ... Published on 20th May, 2015
Sutton Council announces Take Part Take Pride summer festival
Sutton Council has announced its Take Part Take Pride summer festival.
Read Article ... Published on 20th May, 2015
Brent Council teams with Brent Housing Partnership in new project
Brent Council has partnered with the Brent Housing Partnership as it aims to improve the standard of housing for local people.
Read Article ... Published on 19th May, 2015
Gardeners prepare for Islington In Bloom
Islington Council is preparing for this year’s “In Bloom” event by teaming up with local gardeners to identify the best greenery available in the area.
Read Article ... Published on 15th May, 2015
New fitness centre set to open in Manor Park
A new fitness centre is expected to be opened in Manor Park by Newham Council.
Read Article ... Published on 15th May, 2015
Although property prices have increased, the effects of the recession will be long-lasting, it has been claimed, which may prompt Britons to consider renting rather than buying a home.